NewsletterIssue 17 - 2016

Putting People Before ProfitWe at the Credit Union are pleased to offer a range of affordable credit to people from

every conceivable background, but our main objective is to encourage people to save so they don’t have to borrow. Encouraging more people to take out loans is an extremely profitable business for others in the financial services industry. Recent research from the UK Government suggested that almost a third of adults could not get £300 of savings together if they were faced by an emergency. This shows the scale of the problem and explains why people are forced into the hands of unscrupulous lenders. Join us, save more and borrow less.

Credit Unionthe savings & loans co-operative

You Can Win £50It was eagle eyed Maxine McDonald who

spotted the ‘deliberate mistake’ in the previous Winter – Spring newsletter. Some errors always sneak into our newsletters, so we blame the gremlins. We know that we are not perfect and that some mistakes will always happen, so we will continue to make a little fun out of it. If you can spot a mistake in this newsletter, email us with details to info@credit-union.coop with the subject title ‘Mistakes Competition’. The 25th person correctly spotting our ‘deliberate’ mistake will get a prize of £50 added to their credit union account. Read on carefully and have the dictionary to hand! Strangely, not that many enter normally so you have a really good chance of winning. Give it a go.

Multiple Savings AccountsWe want to encourage

people to save rather than borrow. Having looked at the reasons people give for borrowing from us we have created a number of named savings accounts. You can now choose from the following:

Birthday Savings Car CostsChristmas Club ComputingDental Costs Education SavingsFuneral Savings Holiday Savings Home Improvements Household ElectricalsHousing Deposits Medical CostsPets & Vets Season Ticket (i.e. sport or travel)

Wise WordsWe liked the following two quotations which we thought

make a nice philosophy for leading a good life:

“It is health that is real wealth, and not pieces of gold or silver.”

&“Live as if you were to die tomorrow. Learn

as if you were to live forever.”

Mahatma Gandhi - Mohandas Karamchand Gandhi was the preeminent leader of the Indian independence movement in British-ruled India.

Engage VISA CardsWe work with a partner that

provides a contactless Visa card that’s an ideal alternative to expensive credit cards. Have your ‘Saver Loan’ credited to your card account and have all the flexibility of your Visa ‘flexible friend’ but at low credit union borrowing rates. If you have outstanding credit card balances, why not think about clearing the sums with our ‘Saver Loan’ and using the Engage Visa card as a cheaper alternative?

You can apply for a card using the form in the members’ secure area of our website at www.credit-union.coop.

Credit Unionthe savings & loans co-operative

Birthdays Car Costs

ChristmasComputing

Dental Costs

Education Costs

Funeral PlanHolidaysHome Improvements

Household Electricals Housing DepositsMedical Costs

Pets & Vets

Season Tickets

It doesn’t need to cost that much!

RecyclingApparently the average

household disposes of two wheelie bins of food waste each year. If this food were used and not wasted it would save the equivalent of enough energy to power a fridge for a month.

Poverty & Life ExpectancyThe huge difference in life expectancy between rich

and poor areas has been described as the biggest human rights abuse, especially in a developed country like ours. Recent figures from the London Health Observatory found the gap in life expectancy between those in London’s affluent and deprived wards is now nearly 25 years. Separate analysis by The Equality Trust discovered that the gap in life expectancy in different areas of the UK has increased by 41 per cent for men and 73 per cent for women in the last 20 years. (Source: The Independent, Sept 2015)

Scheme for Independent Retailers

We offer local independent businesses the opportunity for customers to access our low cost credit to buy higher cost items, avoiding the use of expensive credit cards. By providing access to an ethical and affordable source of credit to customers, we help stores compete against large national or multinational retailers and help customers pay less for credit.

If you own a retail business and would like to find out more, please email: ceo@credit-union.coop

Breakfast & HealthHaving a good breakfast is an important part of being

healthy. Research shows that eating a good breakfast can help us control our weight because it gives us the energy we need until lunchtime and helps us cut down on snacking through the morning. Why not add some fresh fruit to your cereal with some semi-skimmed milk to give you a good start to the day?

Separation, Divorce and DebtThe link between divorce, separation and problem debt

is a proven one. Struggling with debt causes arguments at home and relationships suffer. Relationship breakdown is also a major cause of problem debt too. The Credit Union has helped many people work through debt problems arising from such circumstances, but we prefer to help people avoid the problems by having savings to fall back on or by avoiding the problems in relationships by seeking help. Relate is the UK’s largest provider of relationship support, and every year they help over a million people of all ages, backgrounds and sexual orientations to strengthen their relationships. You can find out more about this amazing charity and the work they do by visiting www.relate.org.uk.

New Salary Savings Schemes – Linklaters LLP and University College London Hospital

Two more employers have linked up with us to provide a payroll deduction savings scheme to their employees. One is the large City of London based law firm Linklaters, and the second the University College London Hospital. Both employers are proud of their role in trying to look after their employees and see this scheme as an additional benefit of working for them as well as a way of supporting the wider community.

These schemes allow employees to have savings or loan repayments deducted directly from their salary. This increases the number of people starting to save and provides access to low cost credit as and when it’s needed. Increasingly employers are working with us on such schemes. They recognise that a workforce that is financially sound is also good for business and the wider community. If you know anyone who works for these organisations, why not tell them about our Credit Union? If you are an employer, why not offer the same service to your staff?

Compare & Contrast• Almost half the people in the world live on less than £2

per day. (Source: Global Issues)

• The richest 62 people in the world have a combined wealth of over £1.2 trillion. (Source: Oxfam)

Opening Hours• Monday to Wednesday 09.30 hours to 17.00 hours• Friday 09.30 hours to 17.00 hours• Office CLOSED to visitors on Thursdays for accounting, internal audit

and training but open for telephone enquiries.All forms that members need are available on our website www.credit-union.coop and you can apply for membership, request a savings withdrawal, apply for a loan, or get a loan quotation at any time of day or night.

Jeremy Hopgood Rooms, Caxton House, 129 St John’s Way, London, N19 3RQTel: 0207 561 1786 | Email: info@credit-union.coopWeb: www.credit-union.coop

Accessing Your Accounts

Increasingly our members are accessing their accounts through our website. These numbers will continue to grow now the website is adaptable for use with smartphones and other mobile devices. You can also get balances or forms by email and we will soon be adding additional phone lines.

Register for online access yourself at www.credit–union.coopIt’s easier than you might think. Try it!Co

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Brighthouse & Rent to BuyOne shopping chain that is thriving in recession-hit

Britain is Brighthouse, the hire-purchase firm selling TVs, furniture and white goods through its 243 stores and online. It already has over 200,000 customers paying for goods by weekly instalments - and it reckons it can reach five million more. Brighthouse is highly profitable for a number of reasons. It uses a unique product-

Volunteering - Meet Zana Puzanskaja

Zana came to the UK to seek work after the company she worked for in Lithuania closed leaving her and her husband without an income. She told us that people can gain a lot from volunteering with the Credit Union. “I joined the Credit Union as a volunteer at the end of July 2015 because, although I had a paid job, I wanted to do something useful as well as practicing and improving my English. Now I don’t have that language barrier and I am better able to speak and write in English, including with those people like me with such a wide range of different accents.”

“Working as a volunteer has given me the opportunity to develop. The credit union has provided a lot of training and my colleagues have helped me to provide excellent service to our members. I would recommend others to volunteer because it is an excellent opportunity to learn new things, to develop skills and to enjoy communication with people like me with a wide range of different accents.”

If you would be interesting in volunteering for us, find out more on our website www.credit-union.coop/working with us

coding system which makes it difficult for customers to compare prices with those of rival retailers. Often it is made compulsory for customers to have insurance, and sells its own expensive cover. The warranty-type service agreements can almost double the overall cost of a product. Brighthouse lends customers the money to pay for all the above at a rate of 30% apr compared with the Credit Union’s typical rate of 12.7% apr. Before being tempted by these rent to buy schemes, check out our website www.credit-union.coop and the link to Co-operative Electrical for a cheaper and more ethical alternative. Let your friends know about this scheme too, it could save them a great deal of money.

(Source - Daily Mail Online)

Why I Joined - Credit Union is Just the Ticket

Neville Lobo has been a member of the Credit Union for over 10 years and in that time has used its services to both save and borrow. Says Neville, “I joined the Credit Union a very long time ago, long before it became as big and successful as it now is.”

Neville works in Barnet as a mailroom officer and until his wife became pregnant he says he had not had any problems with other lenders. “When my wife had to stop work we only had one income coming in for a while. I tried to juggle my finances, but unfortunately it led to me creating a bad credit history for myself.”

Luckily for Neville by becoming a member of the Credit Union he was able to get a loan and start saving at the same time. “The most recent loan I took out was in 2014,” he says, “to cover a trip to Hollywood for my son who was chosen to go to America to learn how to become a better actor. Because of my past credit history I wouldn’t have been able to get a loan elsewhere, and the Credit Union really helped me and my son.”

Neville says that the service he receives from London Capital Credit Union is excellent. “The credit union staff and volunteers are always so helpful and they always listen to their members and help them keep their finances in order.”

Did You Know? - Credit Unions Around the World - Canada

There are over 300 credit unions across Canada serving 5.5 million members. That is nearly one in five Canadian adults who belong to at least one credit union! Their stated focus is on strengthening the economy, keeping money in the pockets of their members, helping communities prosper by putting people before profits. The UK is playing catch up, but catch up we will. Watch this space…

Protect Yourself Against Identity Fraud-Remember Your Membership Number

Help us to help you by having your membership number to hand when you get in touch with us. We insist on having your number, not because we are awkward, but to protect your account from identity fraud. Having your number ready speeds up access to your account and prevents others from waiting. We know it’s not always easy to remember numbers, so we have created a text facility to get your membership number if you forget it. Simply text ‘MyBalance’ to 60060 and you will receive a text with your membership number and account balances, any time day or night.

Credit Union, Jeremy Hopgood Rooms, Caxton House, 129 St John’s Way, Archway, London N19 3RQTelephone: 020 7561 1786 | Fax: 020 7272 8192 Email: info@credit-union.coopWeb: www.credit-union.coop

Secure Savings | Ethical Investments | Low Cost LoansYoung Savers Accounts | Profit Sharing Dividends

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Firm No. 214094 | Reg. No. 513c

‘Credit Union, the savings & loans co-operative’ is the trading name of London Capital Credit Union Ltd

Registered Address: Credit Union, Jeremy Hopgood Rooms, Caxton House, 129 St John’s Way, Archway, London N19 3RQ

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Interns - Spring 2016We continue to provide work experience to overseas

interns looking to gain practical work experience in the UK financial services industry. They have worked on a range of projects that greatly help our members by developing and promoting our services. This spring we had another international mix. A big thank you to Irati and Johann for their valuable help and best wishes for their future career.

L to R Irati Asategui, Basque Country of Spain, and Johann Gerdts, Texas, USA.

Meet the Board - Jon Colclough

Jon has been involved with the Credit Union since 2013, initially as a member of the Supervisory Committee which carries out internal audit functions. He worked for the Financial Conduct Authority, the industry regulator, for three years until the end of 2015 before moving on to become a lawyer specialising in company and commercial law.

He said: “I got involved because I support the principles of the credit union movement: people co-operating in their communities to create a democratic, ethical alternative to the banks.”

Register for Online AccessOur website has an easy to use loan calculator that

allows you to clearly check the cost of our loans and make comparisons with other lenders. Check it out at www.credit-union.coop You can join online, set up savings accounts, apply for a loan, even sign the loan agreement, all on your PC or smartphone.